Waldorf adds Central North Sea asset interests with deal closings

Nov. 14, 2022

Waldorf Production Ltd. closed deals adding acreage to its UK North Sea portfolio. A deal to acquire Alpha Petroleum Resources from Shorelight Partners along with a separate deal for MOL's UK upstream portfolio closed in November.

OGJ editors

Waldorf Production Ltd. closed deals adding acreage to its UK North Sea portfolio. Deals to acquire Alpha Petroleum Resources Ltd. from Shorelight Partners as well as the UK subsidiaries comprising the entire exploration and production portfolio in the UK from MOL Hungarian Oil and Gas Plc closed on Nov. 4 and 10, respectively.

Privately held Alpha’s assets include a 100% working interest in Cheviot field in the UK North Sea and an operated interest in three late life/redevelopment fields in the Southern Gas basin (Helvellyn, Tors, Wenlock) (OGJ Online, July 15, 2022).

Assets acquired from MOL include a 20% stake in UK North Sea Catcher field, a 50% stake in Scolty & Crathes, and a 21.8% stake in Scott, MOL said in a release Nov. 14. The $305-million deal between Waldorf and MOL was announced in March. The agreement contains an earn-out scheme mainly dependent on oil prices during 2022-2025.